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Actionable Convertible Events

4 November 2019

Highlighting Notable Events

In this monthly report, we attempt to highlight the most significant events as they relate to the convertible bond market. We highlight events for those issues in the global convertible market with a principal amount outstanding of at least $150mn or equivalent. We have considered those events for which significant date(s) are expected to, or could potentially, occur within the next 90 days.

The first table presents an aggregated timeline of the key dates for relevant convertible and underlying equity events for the Americas and non-Americas regions respectively. In the subsequent tables, we include greater detail for those convertible instrument specific events, including issuer soft calls, other hard and clean-up calls, investor puts, instrument maturities/expiries and conversion price resets.

Aggregated Timeline of Events

Date Event Name Comment
05-Nov-19 dividend NextEra Energy Partners 1.500% 15-Sep-2020 NEP goes ex USD 0.5175 per share
06-Nov-19 dividend Affiliated Managers Group 5.150% 15-Oct-2037 Pfd AMG goes ex USD 0.32 per share
06-Nov-19 dividend Intel 3.250% 01-Aug-2039 INTC goes ex USD 0.315 per share
07-Nov-19 dividend American Electric Power 6.125% 15-Mar-2022 PEPS AEP goes ex USD 0.7 per share
07-Nov-19 dividend Hercules Capital 4.375% 01-Feb-2022 HTGC goes ex USD 0.03 per share
07-Nov-19 dividend Hercules Capital 4.375% 01-Feb-2022 HTGC goes ex USD 0.32 per share
07-Nov-19 dividend Macquarie Infrastructure 2.000% 01-Oct-2023 MIC goes ex USD 1 per share
07-Nov-19 dividend MGIC Investment 9.000% 01-Apr-2063 MTG goes ex USD 0.06 per share
07-Nov-19 dividend Pandora Media (Sirius XM) 1.750% 01-Dec-2023 (Exch) SIRI goes ex USD 0.01331 per share
07-Nov-19 dividend Sirius XM/Liberty Media 2.125% 31-Mar-2048 SIRI goes ex USD 0.01331 per share
07-Nov-19 dividend Wells Fargo (Wachovia) 7.500% Perp Pfd L WFC goes ex USD 0.51 per share
12-Nov-19 dividend Greenbrier Companies 2.875% 01-Feb-2024 GBX goes ex USD 0.25 per share
12-Nov-19 dividend Colony Starwood (Invitation Homes) 3.500% 15-Jan-2022 INVH goes ex USD 0.13 per share
12-Nov-19 dividend US Steel 5.000% 01-Nov-2026 X goes ex USD 0.05 per share
14-Nov-19 dividend Aqua America 6.000% 30-Apr-2022 PEPS WTR goes ex USD 0.2343 per share
15-Nov-19 dividend Bunge 4.875% Perp Pfd BG goes ex USD 0.5 per share
15-Nov-19 dividend Southern Company 6.750% 01-Aug-2022 PEPS SO goes ex USD 0.62 per share
15-Nov-19 Maturity Rexnord Corp 5.750% 15-Nov-2019 PEPS Dep Shr (1/20th) Mandatory conversion
15-Nov-19 Maturity Redwood Trust 5.625% 15-Nov-2019 Maturity date
20-Nov-19 dividend CenterPoint Energy 7.000% 01-Sep-2021 PEPS B CNP goes ex USD 0.2875 per share
27-Nov-19 dividend Mesa Laboratories 1.375% 15-Aug-2025 MLAB goes ex USD 0.16 per share
27-Nov-19 dividend NextEra Energy 4.872% 01-Sep-2022 PEPS NEE goes ex USD 1.25 per share
27-Nov-19 dividend Stanley Black & Decker 5.375% 15-May-2020 PEPS C SWK goes ex USD 0.69 per share
27-Nov-19 dividend Voya Finl / BAML 0.250% 01-May-2023 VOYA goes ex USD 0.15 per share
27-Nov-19 dividend Voya Finl / DB 1.000% 01-May-2023 VOYA goes ex USD 0.15 per share
27-Nov-19 dividend Voya Finl / JPM 0.250% 01-May-2023 VOYA goes ex USD 0.15 per share
27-Nov-19 dividend Voya Finl / JPM 0.250% 01-May-2023 2 VOYA goes ex USD 0.15 per share
28-Nov-19 Maturity Cemex S.A.B. de C.V. (MEX) 10.000% 28-Nov-2019 Maturity date; conversion rights expire 28-Nov-19
28-Nov-19 Last conv Cemex S.A.B. de C.V. (MEX) 10.000% 28-Nov-2019 Last conversion date prior to maturity
28-Nov-19 Last conv NXP Semiconductors 1.000% 01-Dec-2019 Last conversion date prior to maturity
01-Dec-19 Maturity NXP Semiconductors 1.000% 01-Dec-2019 Maturity date; conversion rights expire 28-Nov-19
04-Dec-19 dividend Wellpoint (Anthem) 2.750% 15-Oct-2042 ANTM goes ex USD 0.8 per share
05-Dec-19 dividend Bank of America 7.250% Perp Pfd L BAC goes ex USD 0.18 per share
05-Dec-19 dividend Dominion Energy 7.250% 01-Jun-2022 PEPS A D goes ex USD 0.9175 per share
12-Dec-19 dividend Crown Castle 6.875% 01-Aug-2020 PEPS A CCI goes ex USD 1.2 per share
12-Dec-19 dividend World Wrestling Entertainment 3.375% 15-Dec-2023 WWE goes ex USD 0.12 per share
13-Dec-19 dividend Ares Capital 3.750% 01-Feb-2022 ARCC goes ex USD 0.02 per share
13-Dec-19 dividend Ares Capital 3.750% 01-Feb-2022 ARCC goes ex USD 0.4 per share
13-Dec-19 dividend Ares Capital 4.625% 01-Mar-2024 ARCC goes ex USD 0.02 per share
13-Dec-19 dividend Ares Capital 4.625% 01-Mar-2024 ARCC goes ex USD 0.4 per share
13-Dec-19 dividend DTE Energy 6.250% 01-Nov-2022 PEPS DTE goes ex USD 1.0125 per share
13-Dec-19 dividend KBR 2.500% 01-Nov-2023 KBR goes ex USD 0.08 per share
15-Dec-19 Maturity Envestnet 1.750% 15-Dec-2019 Maturity date
19-Dec-19 dividend QTS Realty Trust 6.500% Perp Pfd B QTS goes ex USD 0.44 per share
19-Dec-19 dividend Turning Point Brands 2.500% 15-Jul-2024 TPB goes ex USD 0.045 per share
31-Jan-20 Maturity Aurora Cannabis 5.000% 31-Jan-2020 Maturity date
Date Event Name Comment
05-Nov-19 dividend Vinci 0.375% 16-Feb-2022 B+W Vinci SA goes ex EUR 0.79 per share
07-Nov-19 dividend BP 1.000% 28-Apr-2023 BP goes ex USD 0.1025 per share
18-Nov-19 dividend Technip 0.875% 25-Jan-2021 Technip goes ex USD 0.13 per share
19-Nov-19 Maturity Playtech 0.500% 19-Nov-2019 Maturity date
21-Nov-19 dividend Redefine International 1.500% 16-Sep-2021 Redefine goes ex GBP 0.06 per share
21-Nov-19 Maturity Sainsbury 1.250% 21-Nov-2019 Maturity date
22-Nov-19 Maturity Bayer 5.625% 22-Nov-2019 PEPS Mandatory conversion
27-Nov-19 takeover Inmarsat 3.875% 09-Sep-2023 Expected closing date for the Triton takeover
27-Nov-19 takeover Inmarsat 3.875% 09-Sep-2023 Expected closing date for the Triton takeover
28-Nov-19 dividend IAG 0.625% 17-Nov-2022 IAG goes ex EUR 0.145 per share
28-Nov-19 dividend National Grid 0.900% 02-Nov-2020 National Grid goes ex-div
06-Dec-19 dividend LVMH / JPM 0.000% 18-Sep-2022 LVMH goes ex EUR 2.2 per share
06-Dec-19 dividend LVMH 0.000% 16-Feb-2021 B+W LVMH goes ex EUR 2.2 per share
15-Dec-19 Maturity Pekao / UniCredit 0.000% 15-Dec-2019 PEPS Mandatory conversion
16-Dec-19 dividend STMicroelectronics 0.000% 03-July-2022 STM goes ex USD 0.06 per share
16-Dec-19 dividend STMicroelectronics 0.250% 03-July-2024 STM goes ex USD 0.06 per share
17-Dec-19 dividend Telefonica 0.000% 09-Mar-2021 Telefonica goes ex EUR 0.2 per share
24-Dec-19 dividend BT Group / Orange 0.375% 27-Jun-2021 BT Group plc goes ex GBP 0.0462 per share
06-Jan-20 dividend Total 0.500% 02-Dec-2022 Total goes ex EUR 0.66 per share
09-Jan-20 dividend Iberdrola 0.000% 11-Nov-2022 Iberdrola goes ex EUR 0.167 per share
31-Jan-20 Maturity Fresenius Medical Care 1.125% 31-Jan-2020 Maturity date
Date Event Name Comment
05-Nov-19 Put Shanghai Construction / Shanghai Guosheng 1.000% 05-Nov-2021 Earliest Put Date. Parity currently below 70% trigger
09-Nov-19 Put China Construction Bk / Yangtze Power 0.000% 09-Nov-2021 EUR Next Put Date.
09-Nov-19 Put China Construction Bk / Yangtze Power 0.000% 09-Nov-2021 USD Next Put Date.
15-Nov-19 Put Fortescue Metals / Valin 0.000% 15-Nov-2021 Next Put Date.
09-Dec-19 dividend Top Glove 2.000% 01-Mar-2024 Top Glove goes ex MYR 0.04 per share
11-Dec-19 Reset PT Bumi Resources 6.000% 11-Dec-2024 Next reset date
19-Dec-19 Maturity Toppan Printing 0.000% 19-Dec-2019 Maturity date
21-Dec-19 Put China Railway Construction 1.500% 21-Dec-2021 $-settled Next Put Date. Need to have given notice by 21-Nov-19.
27-Dec-19 dividend Ezaki Glico 0.000% 30-Jan-2024 Glico goes ex JPY 30 per share
27-Dec-19 dividend Sapporo 0.000% 27-Apr-2021 Sapporo goes ex JPY 42 per share
05-Jan-20 Put China Overseas Land & Inv 0.000% 05-Jan-2023 Next Put Date.
06-Jan-20 Put Xiamen ITG 0.300% step-up 04-Jan-2022 Earliest Put Date
15-Jan-20 Put Jointown Pharmaceutical Group 0.200% step-up 14-Jan-2022 Earliest Put Date
21-Jan-20 Put Guangzhou Auto Group 0.200% step-up 21-Jan-2022 Earliest Put Date
24-Jan-20 Maturity Chugoku Electric Power 0.000% 24-Jan-2020 Maturity date


Active Issuer Soft Calls Within 10% of Trigger

Here we have instruments with an "active" issuer soft call where parity is already above, or within 10% of, the call trigger. An active soft call is one for which the trigger condition is already being assessed-that is the grace period can be considered to have begun, assuming the issuer were to give the maximum number of days' notice and use the full extent of any delay in giving notice after the end of the grace period.

Name Potential Min Notice Given Next Earliest Call Date Last Date to Give Notice* Call Trigger % Parity Condition Satisfied? Comment
Ping An Bank 0.200% step-up 21-Jan-2025 04-Nov-19 04-Nov-19 22-Nov-19 120 145.0 15 out of 30 trading days 30 out of 30 Issuer can give min notice immediately
Zhejiang Quartz Crystal 0.300% step-up 17-Nov-2023 22-Nov-19 22-Nov-19 130 121.9 15 out of 30 trading days No; 1 out of 15 Parity within 10% of trigger
Lens Technology 0.300% step-up 08-Dec-2023 29-Nov-19 29-Nov-19 130 130.3 20 out of 30 trading days No; 1 out of 1 Parity currently above trigger
YTO Express 0.500% step-up 20-Nov-2024 25-Nov-19 30-Nov-19 130 118.4 15 out of 30 trading days No Parity within 10% of trigger
Intel 3.250% 01-Aug-2039 04-Nov-19 04-Dec-19 18-Nov-19 150 279.9 20 out of 30 trading days 30 out of 30 Issuer can give min notice immediately
The Medicines Co 2.500% 15-Jan-2022 04-Nov-19 04-Dec-19 18-Nov-19 130 154.8 20 out of 30 trading days 30 out of 30 Issuer can give min notice immediately
Haier Smart Home [Qingdao Haier] 0.200% step-up 18-Dec-2024 22-Nov-19 22-Dec-19 120 122.3 15 out of 30 trading days No; 1 out of 1 Parity currently above trigger
Airbus 0.000% 01-Jul-2022 29-Nov-19 29-Dec-19 130 130.6 20 out of 30 trading days No; 1 out of 1 Parity currently above trigger
DCM Holdings 0.000% 21-Dec-2020 02-Dec-19 01-Jan-20 120 110.7 20 consecutive trading days No Parity within 10% of trigger
Fortescue Metals / Valin 0.000% 15-Nov-2021 02-Dec-19 01-Jan-20 130 137.0 20 out of 30 trading days No Parity <5% from trigger
MIRAIT 0.000% 30-Dec-2021 12-Nov-19 11-Jan-20 120 126.8 20 consecutive trading days No; 14 out of 14 Parity currently above trigger
Immofinanz 1.5% Step Down 24-Jan-2024 15-Jan-20 14-Feb-20 130 121.2 20 out of 30 trading days No Parity within 10% of trigger
Polyus 1.000% 26-Jan-2021 17-Jan-20 16-Feb-20 130 132.5 20 out of 30 trading days No; 3 out of 5 Parity currently above trigger
NuVasive 2.250% 15-Mar-2021 02-Dec-19 06-Mar-20 130 118.0 20 out of 30 trading days No Parity within 10% of trigger
Silicon Labs 1.375% 01-Mar-2022 22-Dec-19 06-Mar-20 130 118.3 20 out of 30 trading days No Parity within 10% of trigger

*assuming parity were to immediately fall, and remain, below the trigger.


Upcoming Issuer Soft Calls

Instruments with an issuer soft call becoming "active" within the next 90 days, based on the earliest date on which the grace period could potentially begin.

Name Earliest Grace Period Start Earliest Notice Callable from Call Trigger Parity Condition Comment
Shanghai Environment Group 0.200% step-up 18-Jun-2025 11-Nov-19 23-Dec-19 24-Dec-19 130 107.3 15 out of 30 trading days Low probability; parity too low
Pacira Pharma 2.375% 01-Apr-2022 13-Nov-19 01-Jan-20 01-Apr-20 130 61.6 20 out of 30 trading days Low probability; parity too low
OSI Systems 1.25% 01-Sep-2022 14-Nov-19 27-Dec-19 06-Mar-20 130 92.5 20 out of 30 trading days Low probability; parity too low
CSG Systems 4.250% 15-Mar-2036 18-Nov-19 31-Dec-19 20-Mar-20 130 99.2 20 out of 30 trading days Low probability; parity too low
Aqua America 6.000% 30-Apr-2022 PEPS 20-Nov-19 02-Jan-20 30-Jan-20 130 52.7 20 out of 30 trading days Low probability; parity too low
Severstal 0.000% 16-Feb-2022 20-Nov-19 08-Jan-20 08-Mar-20 130 101.7 20 out of 30 trading days Low probability; parity too low
Symantec 2.500% 01-Apr-2021 22-Nov-19 04-Jan-20 04-Mar-20 150 139.6 20 out of 30 trading days One to watch; parity within 10% of trigger
Tricon Capital 5.750% 31-Mar-2022 27-Dec-19 31-Jan-20 31-Mar-20 125 78.7 20-day average Low probability; parity too low
Snam 0.000% 20-Mar-2022 27-Dec-19 14-Feb-20 14-Apr-20 130 95.6 20 out of 30 trading days Low probability; parity too low
Zhejiang Expressway 0.000% 21-Apr-2022 31-Dec-19 21-Feb-20 21-Apr-20 130 55.5 20 out of 30 trading days Low probability; parity too low
Sapporo 0.000% 27-Apr-2021 31-Dec-19 27-Feb-20 27-Apr-20 120 68.8 20 consecutive trading days Low probability; parity too low
Flexion Thera 3.375% 01-May-2024 31-Dec-19 12-Feb-20 06-May-20 130 65.0 20 out of 30 trading days Low probability; parity too low
Colony Financial 5.000% 15-Apr-2023 10-Jan-20 22-Feb-20 22-Apr-20 130 35.9 20 out of 30 trading days Low probability; parity too low
Oppein Home Group 0.400% step-up 15-Aug-2025 13-Jan-20 23-Feb-20 24-Feb-20 130 106.2 15 out of 30 trading days Low probability; parity too low
Steinhoff 1.250% 21-Oct-2023 24-Jan-20 13-Mar-20 12-May-20 130 0.8 20 out of 30 trading days Low probability; parity too low
CapitaLand 2.800% 08-Jun-2025 30-Jan-20 09-Apr-20 08-Jun-20 130 73.4 30 consecutive trading days Low probability; parity too low
DexCom 0.750% 15-May-2022 31-Jan-20 16-Mar-20 15-May-20 140 158.7 20 out of 30 trading days High probability; parity already above trigger


Hard Calls

Instruments callable or becoming callable in the next 90 days, with no call protection or call protection due to end within the 90-day period.

Name Callable from Call Price Mkt Price Parity Premium Fair Value Trigger Ends Comment
Yamaguchi Financial Group LIBOR-50bp 26-Mar-2020 25-Jan-20 100.0 99.4 53.7 85.8 99.7 Hard callable in the next 90 days
Kyushu Electric Power 0.000% 31-Mar-2020 28-Jun-19 100.0 99.6 82.8 20.9 100.1 10-Jan-20 Soft-call protection ends in the next 90 days
Japan Airport Terminal 0.000% 06-Mar-2020 24-Dec-19 100.0 103.8 66.7 57.3 99.9 Hard callable in the next 90 days
Denbury Resources 6.375% 31-Dec-2024 19-Jun-19 100.0 56.7 39.6 45.7 57.7 Hard callable; make-whole PV of coupons
Vodafone 1.200% 12-Mar-2021 22-Apr-19 0.0 121.5 120.7 0.1 121.4 Hard callable; make-whole amount
Vodafone 1.500% 12-Mar-2022 22-Apr-19 0.0 122.7 120.7 1.1 122.7 Hard callable; make-whole PV of coupons
Iwatani Corp 0.000% 22-Oct-2020 22-Oct-18 100.0 104.2 101.1 3.9 102.1 Hard callable
Daio Paper Corp 0.000% 17-Sep-2020 15-Sep-17 100.0 102.8 99.2 4.5 102.1 13-Sep-18 Hard callable
iStar Financial 4.500% Perp Pfd 15-Mar-18 50.0 54.2 52.0 4.8 52.3 Hard callable
PT Bumi Resources 6.000% 11-Dec-2024 11-Dec-17 100.0 7.2 1432.4 111.0 Hard callable
Cincinnati Bell 6.750% Perp Pfd 01-Apr-08 50.0 35.3 1.5 2281.0 35.6 31-Mar-02 Hard callable
El Paso Energy Capital Trust I 4.750% 31-Mar-2028 Pfd 31-Mar-08 50.0 52.0 39.9 30.8 50.4 Hard callable
Teva Pharmaceuticals 0.250% 01-Feb-2026 01-Feb-08 100.0 94.5 21.0 352.8 95.9 Hard callable
Motorola/Liberty Interactive (Qurate) 3.500% 15-Jan-2031 15-Jan-06 50.9 89.9 88.1 2.4 87.1 Hard callable
Sprint_CTL/Liberty Interactve(Qurate) 3.750% 15-Feb-2030 PHONES 15-Feb-04 94.2 70.5 2.2 3103.9 79.1 Hard callable
Sprint_CTL/Liberty Interactve(Qurate) 4.000% 15-Nov-2029 PHONES 15-Nov-03 94.0 70.3 3.0 2246.3 79.5 Hard callable
Sprint_CTL/Comcast 2.000% 15-Oct-2029 ZONES 15-Oct-02 100.0 60.0 8.9 585.8 64.4 Hard callable
AT&T_CHTR /CenterPoint Energy 2.000% 15-Sep-2029 15-Sep-02 4.0 58.2 53.6 9.1 53.6 Hard callable


Issues Potentially Subject to a Clean-Up Call

The following table highlights those issues where the principal amount outstanding is close to being, or already, below their clean-up call trigger threshold levels.

Name Trigger Threshold /% Outstanding /% Outstanding /mn Comment
Riken Technos 0.000% 19-Mar-2020 10 20.0 800.0 Within 10% (of full issue amount) of the clean-up call trigger
Unicharm Corp 0.000% 25-Sep-2020 10 17.9 8970.0 Within 10% (of full issue amount) of the clean-up call trigger
Unibail-Rodamco 0.000% 01-Jul-2021 15 20.0 100.0 Within 10% (of full issue amount) of the clean-up call trigger
Severstal 0.500% 29-Apr-2021 15 19.4 38.8 Within 5% (of full issue amount) of the clean-up call trigger
Tenaga / Khazanah 0.000% 18-Sep-2021 10 9.9 49.6 Callable; principal amount outstanding <= trigger threshold
HC Group (HC International) 5.000% 27-Nov-2019 10 6.6 51.6 Callable; principal amount outstanding <= trigger threshold
Haitong International 0.000% 25-Oct-2021 10 3.2 124.0 Callable; principal amount outstanding <= trigger threshold
Casino / Rallye 1.000% 02-Oct-2020 10 1.3 5.0 Callable; principal amount outstanding <= trigger threshold
Nagoya Railroad 0.000% 03-Oct-2023 10 0.5 120.0 Callable; principal amount outstanding <= trigger threshold


Investor Puts in The Next 90 Days

The following table highlights those issues with investor put options in the next 90 days, together with the Monis calculated probability of the put option being exercised. We also include an estimation of the date by which the put option would need to have been exercised assuming a holder of bonds gives the required minimum number of days' notice.

Name Putable Put Price Mkt Price Parity Premium Fair Value Min Notice Give Notice By Put Probability Comments
Pandora Media (Sirius XM) 1.750% 01-Dec-2023 (Exch) From 01-Feb-19 100.0 122.0 103.2 18.4 114.8 5T 0.0% puttable at any time
Aisino 0.200% step-up 12-Jun-2021 From 12-Jun-19 100.0 49.5 103.4 100.8 0.0% <70% trigger satisfied; currently puttable
Shanghai Construction / Shanghai Guosheng 1.000% 05-Nov-2021 From 05-Nov-19 100.0 55.0 81.6 100.0 100.0% parity currently below 70% trigger
China Construction Bk / Yangtze Power 0.000% 09-Nov-2021 EUR 09-Nov-19 100.0 104.7 85.7 22.6 102.1 30C 10-Oct-19 0.0%
China Construction Bk / Yangtze Power 0.000% 09-Nov-2021 USD 09-Nov-19 100.0 104.8 92.8 13.1 102.1 30C 10-Oct-19 1.3%
Fortescue Metals / Valin 0.000% 15-Nov-2021 15-Nov-19 106.2 138.2 137.0 0.6 137.8 45C 01-Oct-19 0.0%
China Railway Construction 1.500% 21-Dec-2021 $-settled 21-Dec-19 100.0 98.9 67.2 47.5 99.1 30C 21-Nov-19 99.1%
China Overseas Land & Inv 0.000% 05-Jan-2023 05-Jan-20 111.5 110.6 60.3 83.7 113.2 0.0%
Xiamen ITG 0.300% step-up 04-Jan-2022 From 06-Jan-20 100.0 87.4 18.7 103.7 11.3%
Jointown Pharmaceutical Group 0.200% step-up 14-Jan-2022 From 15-Jan-20 103.0 72.9 41.1 102.9 84.3%
Guangzhou Auto Group 0.200% step-up 21-Jan-2022 From 21-Jan-20 100.0 79.9 28.8 102.8 52.4%


Issues Maturing in The Next 90 Days

Name Maturity Redemption Last Conversion Date Fair Value Parity Redemption Probability Conversion Probability
Rexnord Corp 5.750% 15-Nov-2019 PEPS Dep Shr (1/20th) 15-Nov-19 0 15-Nov-19 57.5 57.5 0.0% 100.0%
Redwood Trust 5.625% 15-Nov-2019 15-Nov-19 100 13-Nov-19 99.9 76.4 99.8% 0.0%
Playtech 0.500% 19-Nov-2019 19-Nov-19 100 12-Nov-19 100.0 57.5 100.0% 0.0%
Sainsbury 1.250% 21-Nov-2019 21-Nov-19 100 14-Nov-19 100.0 71.1 100.0% 0.0%
Bayer 5.625% 22-Nov-2019 PEPS 22-Nov-19 0 22-Nov-19 87.4 72.7 0.0% 100.0%
Cemex S.A.B. de C.V. (MEX) 10.000% 28-Nov-2019 28-Nov-19 0 28-Nov-19 3776.9 3726.7 0.0% 100.0%
NXP Semiconductors 1.000% 01-Dec-2019 01-Dec-19 100 28-Nov-19 116.5 116.4 0.3% 96.8%
Envestnet 1.750% 15-Dec-2019 15-Dec-19 100 12-Dec-19 103.4 100.6 43.2% 56.0%
Pekao / UniCredit 0.000% 15-Dec-2019 PEPS 15-Dec-19 0 15-Dec-19 251124.4 220484.3 0.0% 100.0%
Toppan Printing 0.000% 19-Dec-2019 19-Dec-19 100 12-Dec-19 100.6 93.9 100.0% 0.0%
Chugoku Electric Power 0.000% 24-Jan-2020 24-Jan-20 100 10-Jan-20 103.6 102.5 36.1% 63.9%
Aurora Cannabis 5.000% 31-Jan-2020 31-Jan-20 100 30-Jan-20 97.0 35.9 96.3% 0.0%
Fresenius Medical Care 1.125% 31-Jan-2020 31-Jan-20 100 15-Nov-19 100.4 90.7 98.0% 2.0%


Conversion Price Resets in The Next 90 Days

Name Next Reset Conversion Price Running Average Multiplier
PT Bumi Resources 6.000% 11-Dec-2024 11-Dec-19 1204.008 102.1 1

Philip Kramer, CFA
+44 20 8081 3775
philip.kramer@fisglobal.com
Tatyana Hube, CFA
+1 646 445 8334
tatyana.hube@fisglobal.com
Will Weichhart
+44 20 8081 2078
william.weichhart@fisglobal.com
Monis Data
+44 20 8081 2700
monis.data@fisglobal.com

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